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12. Bugs Bunny Ltd owns 92% of Road Runner Ltd. During 2019 Bugs Bunny Ltd sells inventory for $470,000 to Road Runner Ltd at a

12. Bugs Bunny Ltd owns 92% of Road Runner Ltd. During 2019 Bugs Bunny Ltd sells inventory for $470,000 to Road Runner Ltd at a mark-up of 25% above cost. At the end of the financial year 50% of the inventory was unsold. What is the work paper journal entry to eliminate the effects of the intercompany sale?

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